Saudi Arabia's economy expands 7 pct in third quarter this year

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Saudi Arabia’s economy grew 7 percent in the third quarter from a year earlier, official data showed on Tuesday.

The expansion was slightly bigger than official estimates of a 6.8 percent annual growth during the period.

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Quarter-on-quarter, the economy of the world’s biggest oil exporter grew by 5.7 percent, the General Authority for Statistics said.

“Economic growth was mainly driven by oil activities, which increased by 9.3 percent year-on-year,” while the non-oil economy expanded by 6.3 percent year on year, it added.

The largest Arab economy was hit hard last year by the twin shocks of the COVID-19 pandemic and record-low oil prices, but it rebounded this year amid easing coronavirus restrictions, higher oil prices and production hikes.

Riyadh said on Sunday it expected the economy to grow 2.9 percent this year and 7.4 percent next year.

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